IDIGT (pronounced: "I dig it") is another wonderful tax acronym for an Intentionally Defective Irrevocable Grantor Trust. Selling assets to an irrevocable trust has become the fav leisure activity of the ultra-wealthy, not only cause it makes great talk on the links, but it can provide an incredible array of tax and asset protection benefits. But rather than extol the benefits of this technique, let's look at what happens when Jr. gets divorced and Jr.'s ex wants to Dig It too.

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IDIGT is a prime example of a hugh tax break that is only available to the ultra-wealthy. Tax breaks like IDIGT are UnAmerican and unfair towards members of the middle class because members of the middle class do not have access to similar legal mechanisms that allow them to save a substantial portion of their wealth.